CAIRO – 24 March 2026: A number of major international energy companies are preparing to inject substantial investments into Egypt’s petroleum sector, led by Italy’s Eni with expected funding of about $8 billion, followed by BP with nearly $5 billion, Apache with investments exceeding $4 billion, and around $2 billion from the UAE’s Arcius Energy, according to a statement by Minister of Petroleum and Mineral Resources Karim Badawi.
These updates were presented during a meeting with Prime Minister Mostafa Madbouly to review the latest progress across the ministry’s key workstreams and current energy projects.
The minister also underscored the ministry’s achievement in steadily lowering outstanding payments to foreign partners from approximately $6.1 billion as of June 30, 2024, to about $1.3 billion at present, with plans to fully settle these obligations by June 30, 2026. He explained that incentive packages and regular monthly payments have played a central role in rebuilding investor confidence and encouraging fresh capital inflows.
As part of efforts to strengthen energy efficiency and fiscal sustainability, the minister outlined a range of proposals designed to rationalize petroleum product consumption across different sectors.
These initiatives align with the government’s broader strategy to curb the import bill, reduce pressure on foreign currency reserves, and ensure the most efficient use of available energy resources, while maintaining development momentum and the quality of services provided to citizens.
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